Financial Results March 31, 2017

• Security Code: 540425
• Company: SHANKARA

1.Approved and taken on record the audited financial results of the Company (standalone and consolidated) for the Quarter ended 31st March, 2017 and audited financial results (standalone & consolidated) of the Company for the financial year ending 31st March, 2017 The Audited Financial Results, along with Auditors' Report are enclosed herewith. 2.The Board reviewed the recommendation forwarded by the Audit Committee. 3.The Board has proposed a final dividend of Rs. 2.75 per equity share for the financial year ended March 31, 2017 subject to the approval of shareholders at the ensuing Annual General Meeting (AGM). The dividend, if approved by the shareholders will be paid after the AGM. 4.Pursuant to Section 204 of the Companies Act, 2013, the Board approved the appointment of Mr. K. Jayachandran, Practicing Company Secretary as Secretarial Auditor of the Company for the financial year 2017-18. 5.Pursuant to Section 138 of the Companies Act, 2013, the Board approved the appointment of GRSM & Associates, Chartered Accountants as Internal Auditor of the Company for the financial year 2017-18. 6.Pursuant to Section 139 of the Companies Act, 2013, the Board has approved ratification of the Statutory Auditors M/s Haribhakti & Co., Chartered Accountants subject to approval of shareholders in ensuing Annual General Meeting of the Company. 7.Related party transaction taken on record and approved 8.The Board approved to provide a Corporate Guarantee for the credit facility to M/s Taurus Value Steel & Pipes Private Limited upto Rs. 83, 00, 00,000/- (Rupees Eighty three Crores only) availed from Axis Bank as per the sanction letter bearing reference AXISB/BNG/CCG-MC/265 dated 30.03.2017. 9.The Board discussed following any other matter with the permission of Chair. (a) Availment of Credit facilities from Axis Bank Limited. (b) Exit of Credit facilities with IDBI Bank. The meeting of Board of Directors commenced at 11.30 a.m. and concluded at 1.45 p.m Kindly take above information on record and acknowledge receipt.